BLOCKCHAIN TECHNOLOGY

WHAT IS BLOCKCHAIN?

-Blockchain is an emerging technology, so predictions are still mixed about its potential.There are almost zero chances of manipulating transactions in Blockchain network because all nodes in the network have to approve the change before it takes place.

It is a peer-to-peer distributed ledger technology. Its aim is to create a transparent infrastructure that is free of data theft and security breaches. Since all of the data on Blockchain is encrypted cryptographically, it has emerged as a viable choice for safe data storage.

Who is Using Blockchain Already?

Bitcoin is the most well-known example of blockchain technology, but it is joined by a growing number of early adopters. For example, Google, Goldman Sachs, Visa, and Deloitte are investing in blockchain projects. And businesses working on blockchain based services include:

• Spotify, to manage copyrights
• IBM, to build a tracking tool for shipping companies and retail chains
• Eastman Kodak, to create storage for stock photos

In a TechRepublic Research study, 70% of professionals who responded said they hadn’t used blockchain. But 64% of said that they expect blockchain to affect their industry in some way, and most predict a positive result.

A recent Trend Insight Report from analyst firm Gartner made the following forecast:

Through 2022, only 10% of enterprises will achieve any radical transformation by using blockchain

By 2022, at least one innovative business built on blockchain technology will be worth $10 billion

By 2026, the business value added by blockchain will grow to just over $360 billion, then by 2030 grow to more than $3.1 trillion

Here is why Blockchain is the future of technology:

Blockchain has various characteristics that make it a perfect medium for data storage and monetary exchange. The following are some of the main characteristics that make it the technology of the future:

1. Data encryption- The first point we'll cover is data protection. As our dependence on digital channels increases, so does the risk. Traditional digital channels are not as secure. All of the data is stored in the virtual world and is easily available, but we can solve this issue with Blockchain. Blockchain enables data to be encrypted, and each piece of data is recorded in the ledger as a block. And these blocks are connected to one another. As a consequence, any changes in one of the blocks will cause changes in the others. This is how the security provided by Blockchain can be useful to other digital platforms.

2. Faster operation- One of the most notable characteristics of Blockchain is that it does not depend on third-party validation and approval. In this case, the two communicating parties have a direct relation. This improves the system's transparency and speeds up its operation. The validation time has been shortened. This Blockchain feature can speed up transactions and help the banking and financial systems become more functional.

3. Traceability- Retailers, supply chain firms, logistics companies, and others will benefit from this feature of Blockchain. Data tracking is a big issue, and traditional platforms aren't very user-friendly, but we can easily address all of these problems with Blockchain. Every piece of data in Blockchain is modified in real time, and any changes are automatically replicated in the system.

4. Accessibility of information- It is vital for businesses to invest in a system that enables information to be accessed from any venue. The blockchain is not reliant on a single computer. Instead, the information is disseminated, making it simple for the user to access it.

5. Universal infrastructure- Another advantage of Blockchain is that it provides a universal infrastructure that can be used in a number of industries.

Because of these advantages, Blockchain is predicted to expand by 67.3 percent between 2020 and 2025.